Kyushu Electric Power Co., Inc. has reported a net income of $698.2m (JPY108.8b) in the third quarter (Q3) of fiscal year 2024, down 41.8% for the first time in two years.

According to a bourse filing, this was despite an increase in consolidated sales, which was up 8.3% to $11b (JPY1.72t).

Electricity sales volume for retail was 55.3 billion kilowatt-hour (KWh), up 2.1% YoY due to a decrease in contracted power within the Kyushu area, an increase in the volume of contracted power outside the area, and higher summer temperatures compared to the previous year.

Electricity sales volume for wholesale was 18.6 billion kWh, up 50.8%, thanks to an increase in exchange trading. The total electricity sales volume resulted in 73.9 billion kWh, up 11.2%.

Ordinary revenues, meanwhile, increased 9% to $11.2b (JPY1.75t), whilst ordinary expenses increased 17.8% to $10.3b (JPY1.6t) in Q3.